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Fitch affirms Unibail ratings

Fitch Ratings affirmed Unibail-Rodamco SE's ratings, with a stable outlook.

Specifically, the rating agency affirmed the French real estate investment trust's long-term issuer default rating at A, short-term issuer default rating at F1, senior unsecured rating at A+ and short-term senior unsecured debt rating at F1.

Fitch attributed the action to Unibail's significant property diversification, strong liquidity, wide access to capital markets and strong operating performance reflected by its roughly 97% occupancy rate, robust rent renewal increases and high tenant retention.

The rating agency said in a note that it expects Unibail's published loan-to-value ratio, currently at 33%, to remain well below 40% in 2017.